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Share-Based Compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Note 10 – Share-Based Compensation The Company’s share-based compensation awards are issued under the 2020 Equity Incentive Plan (2020 Plan), the predecessor 2016 Equity Incentive Plan (2016 Plan) and 2006 Equity Incentive Plan (2006 Plan). Any awards that expire or are forfeited under the 2016 Plan or 2006 Plan become available for issuance under the 2020 Plan. As of June 30, 2024, 792,858 shares of com mon stock remained available for future issuance under the 2020 Plan. Share-Based Compensation Expense Share-based compensation expense reported in the Company’s condensed statements of operations was (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Direct costs and expenses |  | $ | 19 |  |  | $ | 7 |  |  | $ | 35 |  |  | $ | 24 |
Research and development |  |  | 105 |  |  |  | 74 |  |  |  | 130 |  |  |  | 181 |
Sales, marketing, general and administrative |  |  | 1,094 |  |  |  | 976 |  |  |  | 3,693 |  |  |  | 3,133 |
Total |  | $ | 1,218 |  |  | $ | 1,057 |  |  | $ | 3,858 |  |  | $ | 3,338 |
The unrecognized remaining share-based compensation expen se for options and RSUs was approximately $7.5 million as of June 30, 2024 and is expected to be amortized to expense over the next 2.3 years. Stock Options Stock option activity during the six months ended June 30, 2024, excluding the Bonus Option Program described below, was (in thousands, except weighted average exercise price and weighted average contractual life):
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Contractual Life (Years) |  |  | Aggregate Intrinsic Value |
Outstanding - January 1, 2024 |  |  | 2,041 |  |  | $ | 3.36 |  |  |  | 6.9 |  |  | $ | 964 |
Granted |  |  | 2,138 |  |  |  | 1.67 |  |  |  | — |  |  |  | — |
Forfeited/canceled |  |  | (132 | ) |  |  | 2.16 |  |  |  | — |  |  |  | — |
Exercised |  |  | (14 | ) |  |  | 0.53 |  |  |  | — |  |  |  | — |
Outstanding ‑ June 30, 2024 |  |  | 4,033 |  |  | $ | 2.51 |  |  |  | 8.1 |  |  | $ | 737 |
Exercisable ‑ June 30, 2024 |  |  | 1,525 |  |  | $ | 3.71 |  |  |  | 6.1 |  |  | $ | 566 |
Restricted Stock Unit Activity Restricted stock unit activity during the six months ended June 30, 2024 was (in thousands, except weighted average grant date fair value per share):
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Outstanding ‑ January 1, 2024 |  |  | 2,729 |  |  | $ | 1.91 |
Granted |  |  | 1,670 |  |  |  | 1.81 |
Forfeited/canceled |  |  | — |  |  |  | — |
Released |  |  | (543 | ) |  |  | 2.01 |
Outstanding ‑ June 30, 2024 |  |  | 3,856 |  |  | $ | 1.86 |
Bonus-to-Options Program The Company also has a Bonus-to-Options Program (the Bonus Option Program) which allows participants who so elect to convert a portion of their annual cash bonus into fully vested, non-qualified stock options to purchase shares of common stock. Participation is limited to the Chief Executive Officer, direct reports to the Chief Executive Officer and Vice Presidents of the Company. As part of the Bonus Option Program, the Company recorded the following activity during the six months ended June 30, 2024 (in thousands, excepted weighted average exercise price and weighted average contractual life):
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Contractual Life (Years) |  |  | Aggregate Intrinsic Value |
Outstanding ‑ January 1, 2024 |  |  | 1,050 |  |  | $ | 2.81 |  |  |  | 8.4 |  |  | $ | 22 |
Granted |  |  | 341 |  |  |  | 1.46 |  |  |  | — |  |  |  | — |
Forfeited/canceled |  |  | (27 | ) |  |  | 24.34 |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding ‑ June 30, 2024 |  |  | 1,364 |  |  | $ | 2.04 |  |  |  | 8.5 |  |  | $ | 35 |
Exercisable ‑ June 30, 2024 |  |  | 1,330 |  |  | $ | 1,330.00 |  |  |  | 8.5 |  |  | $ | 24 |
The Company record ed $0.2 million and $0.4 million for the three and six months ended June 30, 2024, respectively, compared to an insignificant amount and $0.2 million for the three and six months ended June 30, 2023, respectively, related to the estimate of the Bonus Option Program. Options granted, if any, pertaining to the performance of the Bonus Option Program are typically approved and granted in first quarter of the year following completion of the fiscal year. Employee Stock Purchase Plan The ESPP provides for successive six-month offering perio ds beginning on September 1st and March 1st of each year. During the six months ended June 30, 2024, 216,506 shares were issued under the ESPP leaving 430,612 shares reserved for f uture issuance.

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